Parking Infrastructure Assessment Clause Samples

Parking Infrastructure Assessment. Tenant shall pay to Landlord a fee for the purpose of Landlord’s construction and maintenance of a parking lot to serve the Premises (the “Parking Infrastructure Assessment”). Such parking shall remain the property and responsibility of Landlord. All parking on Greek Village shall be administered by University’s Transportation Department. Unless otherwise noted, all parking shall be permit parking. Tenant shall select one of two methods for payment of the Parking Infrastructure Assessment as further outlined below: (i) Option 1: Tenant shall make payment of One Hundred Percent (100%) of a discounted Parking Infrastructure Assessment in the sum of One Hundred Twenty Thousand Dollars ($120,000) to Landlord on or before the Lease Commencement Date. (ii) Option 2: Tenant shall make payment of fifty percent (50%) of the total Parking Infrastructure Assessment amount of One Hundred Thirty-Eight Thousand Dollars ($138,000), which is equal to Sixty-Nine Thousand Dollars ($69,000), to the Landlord on or before the Lease Commencement Date. If Tenant chooses this option, then Tenant shall pay the remaining Sixty- Nine Thousand Dollars ($69,000) by means of the University’s withholding of Receipts (hereafter defined) collected by University pursuant to this Lease. University shall withhold Six Thousand Nine Hundred Dollars ($6,900) annually from such Receipts commencing during the second (2nd) Lease Year and continuing through the subsequent nine (9) Lease Years, or until the Parking Infrastructure Assessment is paid in full. If construction of the Chapter House (hereafter defined) has not been completed such that no certificate of occupancy has been issued and Receipts are not available, Tenant shall make payment of Six Thousand Nine Hundred Dollars ($6,900) on the first day of the second (2nd) Lease Year and each subsequent Lease Year until sufficient Receipts are available.
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